An analysis of more than 200 metropolitan areas and 7,500 cities found that buying is a better deal than renting in a majority of U.S. markets. Conducted by Zillow, the analysis showed that, in more than 75 percent of metropolitan areas, a homeowner could expect to break even in fewer than three years. In some markets where home prices fell the most during the recession, including cities in Florida, Arizona, Pennsylvania, and Michigan, the breakeven point was less than one year. Stan Humphries, Zillow’s chief economist, said historic levels of affordability make buying a home a better decision than renting across most of the country, especially considering rent has risen more than 5.0 percent over the past year. More here and here.
